Timetoken buys Millingford industrial site

Michael Hunt

Independent surveyors Nolan Redshaw has completed the acquisition of Tattenham Works Industrial Estate in Millingford on behalf of Leigh-based Timetoken.

The 8-acre estate comprises 30,000 sq ft of industrial accommodation and was purchased for an undisclosed sum, which Nolan Redshaw said represented a net initial yield of approximately 7.5%.

David Nuttall, from Nolan Redshaw, said: "Tattenham Works fitted into the client's portfolio perfectly. Timetoken is an expert in realising the potential value in secondary properties and we acted quickly to complete the purchase just weeks after the client's initial viewing.

Nolan Redshaw has also agreed terms for the final vacant 5,000 sq ft unit on the site with a local haulage company, which did not wish to disclose its name, on behalf of Timetoken.

Nuttall added: "Locating a tenant for the final unit so quickly after being instructed on the site is testament to the location and quality of the space at Tattenham Works. We currently have a number of clients looking for similar investments within the secondary market, as real value can be seen."

The previous owner of Tattenham Works was a private investment company.

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